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Account Eligibility


Reimbursement Process




Statements and Tax Forms

Account Eligibility

Am I eligible to open an HSA?

In order to be eligible for an HSA, you must be enrolled in a qualified high deductible health plan (HDHP). Only the HDHP plan owner can open an HSA. That said, an HSA-compatible high deductible health plan has to be in the HSA's owner's name.

What is the relationship between a high deductible health plan & an HSA?

Can I enroll in an HSA under my name if my spouse has an HDHP plan?

No, but you can be enrolled in your spouse's family coverage HSA account.

When am I eligible to open an HSA?

You become HSA-eligible as of the 1st day of the subsequent month that you meet all HSA-eligibility criteria. So if you have a qualifying HDHP that begins on March 15, you don’t become HSA-eligible until April 1.

Can I open an HSA account in the middle of the year?

Yes. You can open an HSA at any point so long as you are on a qualifying HDHP.

What happens if I lose HSA eligibility mid-year?

If you were enrolled in the HSA with your employer in 2022 and you lost the eligibility later the year (no HDHP etc.), it only disqualifies you from making contributions. You still own the account. Your HSA account will be transferred to an Individual retail account. You can still contribute in the month you lost the eligibility if you were eligible on the first of the month. For example, if you change the health plan on 6/10, you can still make contributions until 6/30.

Can I close my HSA account?

Yes, please follow the steps:

  1. Fill out the request form and send it to Please note that a $25 closure fee will be applied.

  2. Please make sure you liquidate all the investments before closing the account.

  3. Once you close the accounts and receive the remaining balance, you have 60 days to contribute your funds to another HSA in your name or use them for qualified medical expenses, otherwise:

    a. Funds not contributed to an HSA could be subject to income tax.

    b. Funds used for non-medical expenses could be subject to income tax and an additional 20% penalty.

How can I manage my Forma HSA if I leave my employer?

You will continue to use the Forma member portal to manage your HSA. Please provide our Member Experience Team with your personal email contact via, and we will provide you with more guidance.

What is a CIP? How do I complete it?

The Customer Identification Program (CIP) is a combination of requirements set forth in Section 326 of the USA PATRIOT Act. The Act states that all financial institutions must verify the identity of individuals wishing to conduct financial transactions with them. You may be required to complete the CIP upon an HSA enrollment by submitting the requested documents.

You will receive a CIP letter from Forma and you should complete the process as soon as possible to avoid a delay in your account creation.

Please submit the supporting documents in the following ways:

  • Submit online via the link in your CIP letter

  • Upload the documents via Forma member portal


How much can I contribute to the HSA?

In 2022, the contributions limits are $3,650 for Individuals and $7,300 for Family Coverage Tier.

In 2023, the contributions limits are $3,850 for Individuals and $7,750 for Family Coverage Tier.

How can I contribute to the HSA?

  1. Payroll Contributions: contribute to your HSA per payroll with your pre-tax money. You can change the amount in your ben-admin system.

  2. Self Contributions: contribute to your HSA with your personal money in Forma Portal or submit a contributions request to the bank. You are required to report the contributions when filing the tax returns.

Can I make last year's contributions to catch up on the allocations?

Yes! There is a deadline to make contributions allocated to your last year's amount. Yearly contributions should be made by the tax filing deadline. The deadline to make contributions to an HSA for a tax year is typically April 15 of the following year. For most Americans to make 2022 contributions, this deadline is April 18, 2023.

What should I do if I make incorrect self-contributions to my HSA?

You should remove the excess contributions and the net income attributable to the excess contribution before filing the federal income tax return (including extensions). You’ll pay income taxes on the excess removed from your HSA.

Please reach out to the Forma member experience team to remove the excess contributions. If you leave the excess contributions in your HSA, you will need to pay a 6% excise tax on excess contributions.

What should I do if contribute towards the wrong tax year?

Please reach out to the Forma Member Experience Team for further assistance.

Reimbursement process

Can I file an HSA claim?

You may perform the following activities to manage your HSA by going to your HSA page → Manage HSA:

Withdraw HSA money

Enter the amount that you wish to withdraw in the reimbursement amount field. The amount you get reimbursed will be counted as the spent year-to-date. You will get reimbursed via direct deposit. Please remember to go to your Settings → Linked accounts to add a bank account for direct deposit.

How to Manage Your HSA expenses

Can I store my HSA expense receipts in my Forma account?

Sure you can! Please choose to Upload Receipt when you select HSA on your Account Page. You can add details to the expense as record keeping on Forma, or you can keep your records physically yourself.


Where can I use my HSA card?

Your HSA card can be swiped at the merchants with accepted MCCs. As long as the transactions are authorized, your transactions will be auto-approved without further adjudication needed.

Please note that since we do not adjudicate HSA card transactions, it's the account holder's responsibility to make sure the purchases are eligible.

Benefits Card FAQs

What happens if I make ineligible HSA distributions?

Per IRS, if you make ineligible HSA distributions, and if you are under 65 years old, you will have to pay ordinary income taxes as well as pay a 20% penalty for the amount you disbursed out of your HSA account. If you are 65 or older, disabled, or die, then you will just pay ordinary income taxes (no penalty) if you purchase an ineligible service.

Please reach out to the Forma Member Experience Team for further assistance.

What should I do if the transactions pull funds from my HSA account incorrectly?

Please reach out to for assistance.


How do I transfer funds to Forma HSA?

  • Automatic Transfer (The deadline is due per your employer)

    1. Log into Forma. If you are enrolled in HSA for the 2023 plan year, you will see a banner to remind you to transfer your money from the previous custodian to Forma in order to consolidate your HSA.

    2. When going to the Benefits, you will also see a banner.

    3. Click on “Learn more about HSA transfer” and you will see a popup modal.

    4. Read the T&Cs and check the “I have read and agree to Forma’s terms and agreements.”

    5. Click the Transfer my HSA money and you are all done!

    6. Once the opt-in window closes, it takes about 7-10 business days to work with the previous custodian to transfer the balance. Please make sure you have liquidated all your assets with your previous custodian before you opt-in.

    7. Once the transfer is completed, the remaining balance in your existing HSA will be transferred to your new Forma HSA and will be available to you through the Forma Member Portal. At this time, you will be able to complete online and mobile payments and use your new Forma VISA® Debit Card to access your HSA funds.

    8. For more details on the transfer timeline, please reach out to

    9. In the meantime, you will have full access to your new Forma HSA starting January 1st, 2023. As your payroll contributions in 2023 will be directed to your new Forma HSA, you will be able to access the funds from these contributions once the contribution is completed.

  • Individual Transfer

    1. The individual transfer feature will be released later in February/March.

    2. Please reach out to if you need additional information. We'll send you a notification when individual transfer is ready.

How do I transfer Forma HSA funds to another HSA?

You will need to reach out to your custodian for their transfer form, and send it to

You can get the account number and routing number on the member portal. If the form asks for the current custodian bank information, provide the following:

  • Current Custodian: Forma

  • Custodian Email:

  • Custodian Daytime Phone: tel: +844-902-2902

Please note that if they choose to close the account upon transfer, a $25 closure fee will be applied.

Is there any transfer fee?

No. But if you want to close the account after the transfer, a closure fee may be applied.


Can I invest my HSA funds?

Yes! The main thing that distinguishes HSA from other CDH accounts is that you are the account holder, and you can use the money to invest.

  • To open an investment account, open your HSA account under the ‘Benefits’ tab on Forma. There will be multiple entry points, but you can always click the ‘My investments’ tab.

  • You will need to go through a short onboarding flow where you will agree to terms of service and disclosures.

    • Step 1: confirm the information from your demographic file

      • Note: you may see a step to verify your social security number, this is being removed

    • Step 2: Complete your financial profile information

    • Step 3: Read and sign disclosures by checking the boxes

    • Step 4: Choose the amount of money you want to move from your cash account into investments

    • Step 5: Choose which ETFs you want to invest in

      • Note: you may see the 4th and 5th steps, this is being removed

    • Step 6: Confirm - you’re done!

⚠️ There is no threshold in the cash account if you would like to open an investment account, but we suggest keeping the cash account balance at least above $25, as a monthly investment account fee of $2.5 will be charged from the cash account.

What can I invest my HSA in?

According to IRS Form 2004-50, HSA funds may be invested in investments approved for IRAs (e.g., bank accounts, annuities, certificates of deposit, stocks, mutual funds, or bonds). HSAs may NOT invest in life insurance contracts, or in collectibles (e.g., any work of art, antique, metal, gem, stamp, coin, alcoholic beverage, or other tangible personal property specified in IRS guidance under section 408(m)). HSAs may, however, invest in certain types of bullion or coins, as described in section 408(m)(3). The HSA trust or custodial agreement may restrict investments to certain types of permissible investments (e.g., particular investment funds).

Can I move money between my 401k and HSA?

No. This is not allowed by the IRS.

Is there any risk that I lose my funds in HSA during the investment? For the funds lost in investment, do they count against the annual limit?

Yes, and yes. It’s just like regular investing with risk, but using your HSA money.

Can we waive the maintenance fee of $2.50 for the investment account?

No. We do not offer the ability to waive fees even based on your minimum account balance.

What happens to my dividends or interest earned on my mutual fund investments?

Members will not accrue interest or dividends in their investment account, as none of the ETFs that the member can purchase through Forma provide dividends. The cash account is interest-bearing, however, and does not require any action from the member.

How can I close the HSA investment account?

To close the HSA investment account, please reach out to

Statements and Tax Forms

What tax form do I need for my HSA?

There are three tax forms associated with health savings accounts (HSAs): IRS Form 1099-SA, 5498-SA, and IRS Form 8889.

You will receive the IRS Form 1099-SA and IRS Form 5498-SA either by mail or electronically. We will not mail zero-dollar 5498-SA and 1099-SA tax forms to you, but. we will still report as required to the IRS and post the forms online.

About HSA Tax Forms

How will I receive the account statement?

A printable electronic statement is provided free each month. The statement generation notice will be sent to you via email, and you can download it on Forma Portal.

How can I view my HSA account statement?

If you have any questions about this, please reach out to our Member Experience Team at or send us a live chat message through your Forma mobile app!

For questions regarding pre-tax accounts (HSA, FSA, DCFSA, etc.) you can also reach us by phone at 844-902-2902 Monday through Friday, 8 AM EST - 8 PM EST. We're here to help!

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